Alabama has lost $157M in home values to rising seas, study says

The increased risk of tidal flooding associated with sea level rise has already cost Alabama property owners more than $157 million, according to a study released today by researchers at the non-profit First Street Foundation and Columbia University.

Steven McAlpine, head of data science for the First Street Foundation, said first the researchers analyzed thousands of readings from tidal and river gauges from 2005 to 2017 and mapped the elevation of coastal properties to determine which areas were at increased risk of tidal flooding. Then the researchers analyzed hundreds of thousands of real estate transactions to see what impact increased flood risk had on property sales.

“People like living by the water,” McAlpine said. “In Alabama many of the homes experiencing tidal ﬂooding are beach homes built on stilts, so there is an expectation of ﬂooding to some degree. Still, we are seeing value loss due to the increasing frequency and severity of ﬂooding as people look to buy at higher elevations.”

Shell’s recent success in the US Gulf of Mexico includes its deepwater Dover discovery on Mississippi Canyon 612, reported last year, near its Appomattox platform. The well was drilled by the Deepwater Poseidon ultra-deepwater drillship. Sources: Shell, Transocean.

In lieu of the traditional shovel groundbreaking, Miami City Commission chair Ken Russell, Miami Mayor Francis Suarez and Miami city manager Emilio T. Gonzalez (pictured l-r) perform the ceremonial water toss to mark the start of the first Miami Forever Bond project tackling flooding and sea-level rise. (Photo by City of Miami Office of Communications)